INDUSTRY NEWS

EPF completes London office acquisition for £150m

The EPF (Employees’ Provident Fund) has today confirmed the purchase of London office space, with a property in St. James’s Square.

The area has been known to fetch one of London’s highest rents – between £130 and £140 per square foot – and EPF have purchased the property from the Irish investment property firm, D2 Private, for a reported £150 million.

Since allocating around £1 billion for investment in British property a year ago, the Malaysian government agency, which operates under the Ministry of Finance, will have purchased four properties, including this latest acquisition at 12 St. James’s Square – totalling £634 million.

Located centrally in one of the West End’s most renowned squares, the 81,500 sq ft Georgian building was originally purchased by D2 in 2006; the Dublin-based firm then subsequently refurbished the building at a cost of £20 million.

Also in their current London property portfolio, EPF also own 1 Sheldon Square, Paddington Central, purchased for £156 million, 40 Portman Square, near Oxford Street, purchased for £182 million, and the commercial building, Whitefriars, located in Central London – bought in a deal worth £148 million from Union Investment earlier on this year.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office space